With interest rates breaking records, our Los Angeles mortgage lenders have been busy facilitating home loan and refinance request for borrowers across the county. Buying a home in LA is a lot easier than in the past because most of our loan programs have seen streamlined guidelines and reduced requirements. Refinancing has been simplified as well, because Fannie Mae and Freddie Mac removed their requirements for loan to value under the “HARP Refinance” initiative that was expanded this year so more homeowners could escape the perils of their underwater mortgages.
Los Angeles home loan limits remain higher than most of the country for government home financing. Los Angeles mortgage lenders provide cash back refinancing and FHA mortgages with fixed rates for debt consolidation and home improvements. Home loans have improved with lower mortgage rates that have helped many Southern California borrowers refinance into a fixed rate loan that they can afford. Los Angeles homeowners continue to take advantage of interest rate reductions for purchase, refinance and home equity loans with additional incentives for jumbo home purchase loans that exceed $725,000 loan amounts. Los Angeles homeowners have all types of credit and BD Nationwide Mortgage offers prime, FHA, non-conforming and bad credit loans to meet the growing demand of borrowers across the county. FHA helps LA county borrowers secure refinancing with an affordable fixed rate payment, regardless of credit scores.
Los Angeles Home loan Rates Fall on Fixed 30-Year Terms
At BD Nationwide we will connect you Los Angeles mortgage lenders that understand the home financing market in Southern California. We offer cash out refinancing, second mortgages, home equity lines and VA purchase loans with zero down required for qualified Los Angeles veterans who want the lowest interest rates for residential loans in California. Let our home loan experience pay dividends to your online loan shopping. Get the best mortgage and home equity loans with special incentives for CA homeowners living in Los Angeles County.
Los Angeles Home Mortgage Loan Limits with FHA Remain High for 2024
|LOS ANGELES-LONG BEACH-GLENDALE, CA
Understanding FHA Loan Amount Limits for First Time Home Buying In Los Angeles County
Understanding FHA Loan Amount Limits for First Time Home Buying In Los Angeles County
FHA mortgages are great financing choices for many prospective home buyers throughout the state of California, and the benefits that come along with these loans are well known to home buyers. While FHA financing in Los Angeles can come with many benefits, they will also often have their own limits depending on the area in which the desired home loan is applied for. Low income areas, middle income areas, and high income areas across California will have limits that reflect the average home sale prices found within the region, allowing the limits to be kept fair and reasonable to lenders and borrowers alike.
For first time home buyers and repeat home buyers looking to finance a Los Angeles County home through a FHA approved lender using a FHA home loan, the loan limits in this region are considerably higher than in many parts of the state of California. The 2014 FHA limit for Los Angeles County is going to be around $535,000, allowing prospective home buyers looking in this area the ability to easily find a suitable new residence using the FHA loan of their choice. However in high cost regions of LA such as Beverly Hills, Palos Verdes, Manhattan Beach, Pacific Palisades and Malibu the loan limit is $625.500.
In most areas on LA, the first time home buyer can anticipate having the ability to purchase a home within the $535,000 loan limit amount in the county of Los Angeles using a FHA financing, there are many benefits that come along with loans of this type. For a first time home owner, the 3.5% down payment rates are particularly desirable, as they allow first time home owners to close the deal and occupy their new homes faster than what may have been possible using a traditional non-FHA loan. A traditional non-home loan will often require a down payment rate of around 20%, an amount in the tens of thousands for many Los Angeles first time home buyers.
Activity for home loans in Los Angeles has spiked this year because rates have fallen to 50-year lows. Refinance activity continues to lead the application volumes because so many homeowners stand to reduce their housing expenses dramatically with such low interest rates. Many home buyers are choosing FHA for home financing because they only have to come up with a 3.5% down-payment.
Real Estate evaluators are forecasting property values in Los Angeles to increase between 4 to 5% in 2014 and 2015. Because of the uncertainty of future of home prices, many homeowners will be considering refinancing.
LA Homeowners Learn about Credit Scores
Homeowners from Long Beach to down-town Los Angeles should consistently monitor their credit scores, so that there are no surprises when they go to apply for a LA home loan.
Whether you are refinancing or buying your 1st home, your credit score is an integral part of getting the lowest interest rate.
A credit report is a printed record of your credit activities over your life. It displays a list of credit-card accounts & installment loans you may have.
Credit reports also note the balances, and the frequency you make your payments. In addition to credit accounts, it shows if any negative action has been reported against you because of negligence like a collection or bankruptcy.
Los Angeles Home Financing Market Update
Home Refinancing in Los Angeles: As the prime interest rate continues to climb, thousands, of homeowners in Los Angeles are watching their adjustable rate interest only mortgages eat away at their bank accounts.
Low interest rates, in the past, enticed several home owners to take advantage of adjustable rate interest only loans.
In San Francisco, interest only loans are a way of life. 82% of Bay Area mortgages are interest only, because salaries aren’t proportionate to the cost of housing in that market.
A report in the LA Times shows, “When the price of houses in California soared 17 percent in 2012 and 22 percent in 2013, a curious thing happened: Instead of homeownership decreasing because fewer people could afford houses, it rose to record levels.” Los Angeles home loan volumes continue to rise this year with the lowest 15 and 30-year interest rates ever published.
Nationwide offers home equity, and refinance loans with a fixed or adjustable interest rates. We offer loans for residents in north and south Los Angeles County seeking cash or simple rate and term refinancing.
A Few Common Reasons for Los Angeles Homeowners Getting Second Mortgages:
- Refinancing Adjustable Rates
- Elimination of Mortgage Insurance
- Debt Consolidation of High Rate Credit
- Landscape Upgrade
- Second Home Construction
- Financing a Start-up Business
- Purchasing a Vacation Home in Hermosa
- Adding a pond or Swimming Pool
In 2024, home equity loans became the most popular form of cash-out financing and with fixed interest rates dropping below the levels of into ARM’s the time may be right for you to consider refinancing with a simple interest term that offers fixed interest amortization.
Don’t wait any longer, Call now to speak with a seasoned loan professional live. We offer a helpful consultation that includes a free loan quotes with no obligation.
California Housing Market: Where is it Going?
The UCLA Anderson Forecast predicts that rising mortgage rates, and reduced home prices could lead to a cooler California economy.
According to the Los Angeles Times, the housing market may be cooling down. They note that there is no evidence of a recession, but economists are voicing reasons for concern with the housing market.
Annette Haddad mentions another forecast by the University of the Pacific in Stockton, which will also be released today, isn’t quite so pessimistic. “It forecasts a cooling housing market but suggests that growth in other sectors will pick up the slack. “
Whether you are purchasing a home in Pasadena, Venice Beach or Palos Verde we offer subordinate loans for purchase or refinance. If you need help with a “Zero Down” 80-20 combo loan, then you have found the right lending source.
Wouldn’t you like to take the money you are paying the credit card companies and in your bank account instead? Most of our second mortgage loans were created so people with less than perfect credit, can pay off debts, make improvements to their home, and offer access to additional funds for a multitude of reasons.
Home Finance Related Handbooks
Mortgage Loan Disclosures
Home Equity Credit Line – Fed Tips
California Real Estate Disclosure
Document references: U.S. Department of Housing and Urban Development, Fannie Mae, Home Path, Freddie Mac, Federal Reserve Board, Calyx Point, American Diary Association
Relevant Los Angeles County Facts:
Average home value for owner occupied primary residence, 2000: $209,300
Homeownership rate, 2000: 47.9%
Average household income, 1999: $42,189
Population, 2004 estimate: 9,937,739
% of people living in same home for 5+ years, 2000: 52.0%
Average commute time from home to work (minutes), 2000: 29.4
* Loan terms are state and federal fee restrictions. Laws may vary per state.
Additional state and city facts are available at the US census online.